There was a story buried deep in the Dominion-Post this morning that caught my eye. The heading was “Profits up as wages stand still“, and the article was prompted by the release yesterday by Statistics New Zealand of some summary results from the Annual Enterprise Survey.
In their media release yesterday, SNZ – true to their apparent policy of accentuating the positive – was at pains to highlight the increase in profits over the 2015/16 year. Overall, operating profits in the business sector had risen by 8.6 per cent – rather faster than the increase in nominal GDP.
But it was this chart in the SNZ release that caught my eye
Profits had certainly increased quite a bit in 2015/16, but look at that top line. Total profits in 2015/16 were no higher ($bn) than they had been in 2011/12, and yet over that period nominal…
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